Expedia (NASDAQ:EXPE) and Booking.com parent Booking Holdings Inc (NASDAQ:BKNG) have reported third-quarter results that revealed records for both travel booking platforms due to resilience in global travel demand.
However, while it still expects to report 4Q growth, Booking Holdings said demand had been curtailed by the war between Israel and Hamas, with cancellations and a drop in new bookings starting the second week of October, according to a report on Bloomberg.
Expedia (NASDAQ:EXPE)’s shares jumped 10.4% to $94.84 in Friday premarket trading, but Booking’s shares retreated 3.6% to $2,736.
For the quarter ended September 30, 2023, Expedia (NASDAQ:EXPE) lodged gross bookings of $18.5 billion.
Revenue rose 9% to a quarterly record of $3.9 billion, with B2B revenue jumping 26% from a year earlier to $995 million, also a record.
Adjusted earnings per share rose by a third to $5.41.
"Our strong third-quarter results with record revenue and profitability came in ahead of our guidance and reflect the resilience of travel demand and continued improvements stemming from the execution of our strategy,” Expedia’s vice chairman and CEO Peter Kern said in a statement.
“Our B2B business continues to demonstrate strong year-over-year revenue growth, while more importantly, our B2C revenue growth accelerated over 400 basis points sequentially."
Booking.com also reported quarterly records, with gross travel bookings rising 24% to $39.8 billion and total revenues up 21% to $7.3 billion.
Net income per share jumped 66% to $69.80.
"We are pleased to report record quarterly room nights, gross bookings, revenue, and net income driven by a strong summer travel season," commented CEO Glenn Fogel.
"We are encouraged by the resilience of leisure travel demand, and we remain focused on executing against our key strategic priorities, which helps position our business well for the long term."
Contact the author at stephen.gunnion@proactiveinvestors.com